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Print - 2004-07-09
Tokyo platinum at two-week high on technical buying

Tokyo platinum at two-week high on technical buying

Tokyo platinum futures set a two-week high on Thursday, with most of the contracts soaring by the daily price limit, as stop-loss buying emerged after the market cleared key resistance, brokers said.
Published 09 Jul, 2004 12:00am
Dollar fall boosts Comex gold and silver higher

Dollar fall boosts Comex gold and silver higher

Gold prices in New York rose almost 2.5 percent on Wednesday as the dollar tumbled on expectations that the Federal Reserve would show restraint in raising interest rates.
Published 09 Jul, 2004 12:00am
CBOT soyabeans end mixed

CBOT soyabeans end mixed

Chicago Board of Trade soya futures ended mixed on Wednesday, with old-crop July soyabeans lower on weakening US cash bids and long liquidation after early gains on worries about a 27-year low in US soy stocks by August 31, brokers said.
Published 09 Jul, 2004 12:00am
CBOT rice ends higher on commercial buying

CBOT rice ends higher on commercial buying

Chicago Board of Trade rough rice futures ended higher on Wednesday on commercial buying of new-crop deferred contracts and a report of a slight deterioration in US rice conditions, brokers said.
Published 09 Jul, 2004 12:00am
Malaysian palm ends off lows, India duty hike ignored

Malaysian palm ends off lows, India duty hike ignored

Malaysian crude palm oil futures ended down on Thursday but off their lows after a hike in refined palm oil duties by top buyer India came in at the lower end of market expectations.
Published 09 Jul, 2004 12:00am
German industrial output rises in May

German industrial output rises in May

German industrial production rose 1.1 percent month-on-month in May, beating economists' expectations as capital goods output jumped, data from the Economy and Labour Ministry showed on Thursday.
Published 09 Jul, 2004 12:00am
Marks & Spencer rejects take-over offer

Marks & Spencer rejects take-over offer

Britain's Marks & Spencer rejected a 9.1 billion pound ($16.9 billion) takeover offer from retail tycoon Philip Green on Thursday, but the door remains open for a deal if investors baulk at M&S's own recovery plan.
Published 09 Jul, 2004 12:00am
Marks & Spencer rejects take-over offer

Marks & Spencer rejects take-over offer

Britain's Marks & Spencer rejected a 9.1 billion pound ($16.9 billion) takeover offer from retail tycoon Philip Green on Thursday, but the door remains open for a deal if investors baulk at M&S's own recovery plan.
Published 09 Jul, 2004 12:00am
Shell and Qatar to build biggest plant

Shell and Qatar to build biggest plant

State-run Qatar Petroleum (QP) and Royal Dutch/Shell Thursday sealed a five- to six-billion-dollar deal to build the world's biggest plant to convert natural gas into liquid fuels.
Published 09 Jul, 2004 12:00am
BoE leaves interest rates on hold, August hike seen

BoE leaves interest rates on hold, August hike seen

The Bank of England kept interest rates at 4.5 percent on Thursday, in line with market expectations, but most economists believe a hike is now likely next month as the Bank seeks to pre-empt rising inflation.
Published 09 Jul, 2004 12:00am
US and China settle semiconductor dispute

US and China settle semiconductor dispute

The United States and China have resolved their dispute at the World Trade Organisation over semiconductors, US Trade Representative Robert Zoellick said Thursday.
Published 09 Jul, 2004 12:00am
Lawsuits hurting economy, says Snow

Lawsuits hurting economy, says Snow

US Treasury Secretary John Snow on Thursday toughened his criticism of excessive lawsuits, describing them as a tax on the economy, just days after Democrats tapped a trial lawyer to run for vice president in November's general election.
Published 09 Jul, 2004 12:00am
Saudi Arabia plans to curb unemployment

Saudi Arabia plans to curb unemployment

Saudi Arabia plans to increase efforts to replace foreign workers with Saudi nationals to reduce high unemployment which analysts say is fuelling a wave of violence by al Qaeda militants.
Published 09 Jul, 2004 12:00am
Japan machinery orders dip in May

Japan machinery orders dip in May

Japanese machinery orders fell slightly in May, data showed on Thursday, but the drop was smaller than expected after a surge the previous month and economists said a recovery in the economy remained strong.
Published 09 Jul, 2004 12:00am
Oil prices have limited impact on CPI so far: ECB

Oil prices have limited impact on CPI so far: ECB

Surging oil prices this year have had a more modest impact on price rises than in the past, adding only about 0.2 of a percentage point to inflation, the European Central Bank said on Thursday.
Published 09 Jul, 2004 12:00am
Indian budget tackles poverty, taxes rich, ducks deficit

Indian budget tackles poverty, taxes rich, ducks deficit

India's new government unveiled billions of dollars in spending for the poor, from water to jobs, on Thursday in an expansionary first budget that taxes the rich but does little to tackle a nagging deficit.
Published 09 Jul, 2004 12:00am
Devolution plan discussed

Devolution plan discussed

Hameeda Waheed-ud-din, Parliamentary Secretary for Literacy & Non-Formal Basic Education, Punjab, Malik Shoaib Awan, Parliamentary Secretary for Information, Punjab and Major Tahir Sadiq (Retd), District Nazim Attock, discussed the importance of the devol
Published 09 Jul, 2004 12:00am
Turkish exports may reach $60 billion in 2004

Turkish exports may reach $60 billion in 2004

Turkish exports may reach $60 billion in 2004, well above an official target of $51.53 billion under a $19 billion accord with the International Monetary Fund, the foreign trade minister said on Thursday.
Published 09 Jul, 2004 12:00am
Japanese ethylene output rises on strong demand

Japanese ethylene output rises on strong demand

Japanese petrochemical makers operated their plants at a higher rate in June, boosting ethylene output on the back of strong demand, government data showed on Thursday.
Published 09 Jul, 2004 12:00am
EU enlargement has not drawn tide of workers to UK

EU enlargement has not drawn tide of workers to UK

The addition of 10 new countries to the European Union two months ago has not led to an influx of people seeking work in the UK, a leading global employment agency said on Thursday.
Published 09 Jul, 2004 12:00am
Hungary's government parties clash over 2005 tax plans

Hungary's government parties clash over 2005 tax plans

Hungary's government parties started sparring over next year's budget on Thursday when the junior coalition partner Free Democrats said they would not support tax hikes proposed by the Socialists.
Published 09 Jul, 2004 12:00am
Australian employment unexpectedly falls in June

Australian employment unexpectedly falls in June

Australian employment unexpectedly fell for a second consecutive month in June, lifting the jobless rate from a 23-year low and diminishing the case for an imminent rise in official interest rates.
Published 09 Jul, 2004 12:00am
Sinopec exports 70,000 tonnes gas oil

Sinopec exports 70,000 tonnes gas oil

Sinopec Corp, Asia's largest refiner, is exporting 60,000-70,000 tonnes of gas oil for July due to slower demand in China, traders said on Thursday.
Published 09 Jul, 2004 12:00am
South Africa second quarter retail confidence up

South Africa second quarter retail confidence up

Confidence among South Africa's retailers rose to a 16-year peak in the second quarter of 2004, an independent survey showed on Thursday, adding to a raft of positive data on the continent's biggest economy.
Published 09 Jul, 2004 12:00am
US Democrats to renew push to confront Opec at WTO

US Democrats to renew push to confront Opec at WTO

Three Democratic lawmakers said Wednesday they will renew a push in Congress to require the US Trade Representative to file a complaint with the World Trade Organisation against Opec for its crude oil export quotas.
Published 09 Jul, 2004 12:00am
Taiwan stocks slip

Taiwan stocks slip

Taiwan stocks gave up early gains to end lower on Thursday as lingering concerns over weak corporate earnings in Taiwan and the United States drove cautious investors away from tech shares like Nanya Tech.
Published 09 Jul, 2004 12:00am
Hong Kong stocks lose lustre

Hong Kong stocks lose lustre

Leading Hong Kong shares finished lower on Thursday as a rally in property shares ran out of steam and a lack of fresh fund flows dampened sentiment.
Published 09 Jul, 2004 12:00am
Profit taking hits Jakarta stocks

Profit taking hits Jakarta stocks

Profit taking hit the Jakarta bourse on Thursday after the index gained almost four percent this week on a peaceful first round vote in Indonesia's presidential election.
Published 09 Jul, 2004 12:00am
Philippines stocks close down

Philippines stocks close down

Manila stocks slipped in mixed trade on Thursday after the main index encountered stiff resistance at the 1,600 level, prompting profit-taking in key blue chips like telecoms leader PLDT.
Published 09 Jul, 2004 12:00am
Singapore shares plunge

Singapore shares plunge

Singapore shares fell 0.71 percent on Thursday as investors cut some holdings in blue chips such as banks and Venture Corp after the market's strong run and ahead of second quarter corporate earnings.
Published 09 Jul, 2004 12:00am
Malaysian shares snap five-day gain

Malaysian shares snap five-day gain

Malaysian shares ended lower on Thursday, snapping a five-day winning streak, as investors booked profit after the recent run-up while mobile phone firm DiGi.Com fared worse than the broader market after a stake sale.
Published 09 Jul, 2004 12:00am
Seoul shares close lower

Seoul shares close lower

Seoul shares closed 2.4 percent lower on Thursday, hit by earnings fears after a bleak sales outlook at Internet media firm Yahoo Inc and as soft domestic economic data sparked a sell-off in blue chips such as SK Telecom and Samsung Electronics.
Published 09 Jul, 2004 12:00am
Nikkei closes at five-week low on earnings

Nikkei closes at five-week low on earnings

Japan's Nikkei average fell for a fifth day to hit a five-week closing low on Thursday, with better-than-expected machinery orders data unable to offset investor concerns over US corporate earnings and a weekend election in Japan.
Published 09 Jul, 2004 12:00am
Sri Lankan stocks up

Sri Lankan stocks up

Sri Lankan stocks rose on Thursday as retail investors bought small-cap shares, despite a bomb blast in Colombo on Wednesday raising worries about the island's peace process.
Published 09 Jul, 2004 12:00am
Bangladeshi taka ends up

Bangladeshi taka ends up

The Bangladesh taka closed slightly higher on Thursday due to sluggish import demand for dollars ahead of local Friday weekend, dealers said.
Published 09 Jul, 2004 12:00am
Chinese yuan notches weaker

Chinese yuan notches weaker

The yuan finished one notch weaker versus the US dollar at 8.2769 on Thursday, but it was still near the stronger end of its managed trading range.
Published 09 Jul, 2004 12:00am
Dollar falls as US rate hikes seen gradual

Dollar falls as US rate hikes seen gradual

The dollar fell to a three-month low against the euro on Wednesday after economic data added to expectations that the US Federal Reserve might not need to be aggressive in future interest rate increases.
Published 09 Jul, 2004 12:00am
Hong Kong dollar firms

Hong Kong dollar firms

The Hong Kong dollar was firm but off its highs late on Thursday and discounts on forwards widened in choppy trade, amid speculation that players were positioning themselves to buy Hong Kong government bonds.
Published 09 Jul, 2004 12:00am
Asian currencies off early highs on yen losses

Asian currencies off early highs on yen losses

Most Asian regional currencies pulled back from early highs on Thursday, taking their cue from the Japanese yen's failure to hold on to gains versus the US dollar.
Published 09 Jul, 2004 12:00am
Australian dollar weaker

Australian dollar weaker

The Australian dollar shed around a quarter US cent on Thursday after weaker-than-expected labour force data, retreating from a two-month high as expectations of an imminent monetary policy tightening faded.
Published 09 Jul, 2004 12:00am
Group threatens to behead Saddam lawyers

Group threatens to behead Saddam lawyers

Brandishing assault rifles and grenade launchers, masked men threatened in a taped message on Thursday to behead any lawyers defending deposed Iraqi President Saddam Hussein.
Published 09 Jul, 2004 12:00am
UK's WMD 45-minute claim 'not supported': Financial Times

UK's WMD 45-minute claim 'not supported': Financial Times

The British government's claim Saddam Hussein could unleash chemical and biological weapons within 45 minutes was inadequately supported by intelligence, the Financial Times said on Thursday an inquiry will conclude.
Published 09 Jul, 2004 12:00am
Swedish foreign minister's killer escapes prison

Swedish foreign minister's killer escapes prison

A Swedish appeals court on Thursday overturned a life sentence against the man who fatally stabbed Swedish foreign minister Anna Lindh last year, ordering him instead into psychiatric care.
Published 09 Jul, 2004 12:00am
Afghan authorities speak with Mullah Omar: official

Afghan authorities speak with Mullah Omar: official

Afghan intelligence agents have spoken with fugitive Taleban founder Mullah Mohammed Omar after commandeering a satellite phone being used by his top aide, an Afghan official claimed on Thursday.
Published 09 Jul, 2004 12:00am
China warns US over Taiwan independence

China warns US over Taiwan independence

China's military strongman Jiang Zemin on Thursday told visiting US National Security Adviser Condoleezza Rice China would not "sit idle" if foreign forces supported Taiwan independence.
Published 09 Jul, 2004 12:00am
Blast kills woman in Afghanistan

Blast kills woman in Afghanistan

A landmine blast killed a woman working with the United Nations to register voters for Afghanistan's elections on Thursday, the latest attack blamed on Islamic militants determined to derail the polls.
Published 09 Jul, 2004 12:00am
US to cut military presence in Iraq

US to cut military presence in Iraq

The United States has begun making plans to reduce its troop numbers in Iraq from the current 135,000 by 2006, as the new Iraqi government assumes more security responsibilities, The New York Times said Thursday quoting senior military officials.
Published 09 Jul, 2004 12:00am
Fischer sworn in as Austrian president

Fischer sworn in as Austrian president

Social Democrat Heinz Fischer, 65, was sworn in Thursday as Austria's new president, succeeding Thomas Klestil who died on Tuesday two days before he was due to leave office.
Published 09 Jul, 2004 12:00am
Kosovo challenges UN authority

Kosovo challenges UN authority

Kosovo's parliament threw down the gauntlet to the province's UN overseers on Thursday, adopting constitutional changes including the right to call a referendum on independence from Serbia.
Published 09 Jul, 2004 12:00am
Manila stops workers going to Iraq

Manila stops workers going to Iraq

The Philippines banned its citizens on Thursday from going to work in Iraq after militants took a Filipino hostage and threatened to behead him unless Washington's staunch Asian ally withdraws its troops there.
Published 09 Jul, 2004 12:00am
Americans skipping the books: survey

Americans skipping the books: survey

Fewer than half of adult Americans read novels, short stories, plays or poetry, according to a new survey released Thursday that details a dramatic decline in literary reading habits.
Published 09 Jul, 2004 12:00am
Sterling jumps to three-month high

Sterling jumps to three-month high

Sterling scored a three-month high against the dollar on Thursday in line with a broad pull back in the US currency, but showed little reaction to the Bank of England's anticipated decision to keep rates steady. Many analysts expect the BoE to raise rates
Published 09 Jul, 2004 12:00am
Dollar struggles in London

Dollar struggles in London

The dollar struggled to pull itself up from multi-month lows against the euro and Swiss franc on Thursday as investors remained cautious after a raft of weaker-than-expected US economic data.
Published 09 Jul, 2004 12:00am
Indian stocks and bonds fall on budget tax proposals

Indian stocks and bonds fall on budget tax proposals

Indian shares and bonds fell sharply on Thursday, rattled by a tax on exchange transactions proposed by the newly elected government in its otherwise investor-friendly federal budget.
Published 09 Jul, 2004 12:00am
US Stocks: Thursday's unofficial close

US Stocks: Thursday's unofficial close

US stocks sagged on Thursday as disappointing outlooks from Internet company Yahoo Inc and software maker Siebel Systems Inc spurred a sell-off in the technology sector.
Published 09 Jul, 2004 12:00am
Bonds: autos decline as M&S pares gains

Bonds: autos decline as M&S pares gains

Autos credits led European corporate bonds lower on Thursday amid subdued trading, while Marks & Spencer pared earlier gains on wariness over further bids for the British retailer.
Published 09 Jul, 2004 12:00am
Bonds: autos decline as M&S pares gains

Bonds: autos decline as M&S pares gains

Autos credits led European corporate bonds lower on Thursday amid subdued trading, while Marks & Spencer pared earlier gains on wariness over further bids for the British retailer.
Published 09 Jul, 2004 12:00am
FTSE-100 breaks seven-day losing streak; Smith bounces

FTSE-100 breaks seven-day losing streak; Smith bounces

Britain's FTSE-100 share index ended a long losing streak on Thursday, closing higher for the first time in eight sessions after strong US data, with banks and oil shares leading the way higher.
Published 09 Jul, 2004 12:00am
USDA donates farm goods to five nations

USDA donates farm goods to five nations

The US Agriculture Department said on Thursday it will donate 97,500 tonnes of US wheat and soybean meal to four countries in Latin America and Azerbaijan.
Published 09 Jul, 2004 12:00am
Brazilian coffee harvest picks up with drier weather

Brazilian coffee harvest picks up with drier weather

Producers in Brazil have harvested 47 percent of the world's leading coffee crop by July 5, well behind the 60 percent last year at this time, independent analysts Safras e Mercado said on Thursday.
Published 09 Jul, 2004 12:00am
US oil holds above $39, wary ahead of stocks data

US oil holds above $39, wary ahead of stocks data

US oil prices held above $39 a barrel on Thursday ahead of new data on fuel stockpiles in the United States, with dealers saying physical supplies looked comfortable and the market was likely to head lower.
Published 09 Jul, 2004 12:00am
US crude oil hits $40, led by strong gasoline

US crude oil hits $40, led by strong gasoline

US crude oil hit $40 a barrel on Thursday for the first time since June 3 after gasoline futures led an afternoon rally on supply concerns and US data showed a lower-than-expected rise in weekly crude oil stocks.
Published 09 Jul, 2004 12:00am
London sugar ends mostly higher

London sugar ends mostly higher

London sugar futures settled mostly higher on fund buying into producer selling, traders said.
Published 09 Jul, 2004 12:00am
New York cotton closes weaker

New York cotton closes weaker

NYBOT cotton futures tumbled to a lower close Thursday on combined trade sales and speculative liquidation in slow business, with operators saying cotton may consolidate near its lows while waiting for news to give it direction on its next move.Key Decemb
Published 09 Jul, 2004 12:00am
London coffee near recent lows

London coffee near recent lows

Fund selling kept London coffee futures under pressure throughout the day on Thursday, with the drop gaining momentum as New York arabica futures lost just over 1.5 percent.
Published 09 Jul, 2004 12:00am
London cocoa fails to hold highs, ends mixed

London cocoa fails to hold highs, ends mixed

London cocoa futures failed to hold at an earlier six-week high at the close on Thursday, as the latest fund-inspired short covering rally stalled, allowing trade profit-taking and origin hedging to take the upper hand, traders said.
Published 09 Jul, 2004 12:00am
Base metals mixed at LME kerb, aluminium up strike

Base metals mixed at LME kerb, aluminium up strike

Base metals had a mixed end to a turbulent day on the London Metal Exchange (LME) with aluminium and zinc higher, copper steady and nickel and tin down, traders said on Thursday.
Published 09 Jul, 2004 12:00am
US MIDDAY: cocoa higher on speculative short-covering

US MIDDAY: cocoa higher on speculative short-covering

NYBOT cocoa futures ended up but well off session highs Thursday as traders noted that the recent speculative short-covering rally had created an overdone condition in the market, which prompted origin selling and trade profit-taking at the highs.
Published 09 Jul, 2004 12:00am
US MIDDAY: sugar easier on producer sales

US MIDDAY: sugar easier on producer sales

NYBOT raw sugar futures finished easier Thursday on producer sales that capped the market after it had surged to a new high, although operators felt the overall tone for the sweetener in the days ahead remained strong.
Published 09 Jul, 2004 12:00am
US MIDDAY: wheat lower on quiet exports

US MIDDAY: wheat lower on quiet exports

Soft red winter (SRW) wheat futures at the Chicago Board of Trade fell early Thursday on quiet exports and a slide in corn and soy, traders said.
Published 09 Jul, 2004 12:00am
US MIDDAY: corn falls on large crop outlooks

US MIDDAY: corn falls on large crop outlooks

Corn futures at the Chicago Board of Trade fell to the day's lows by Thursday's mid-session, pressured by outlooks for a large US crop amid mild weather as corn enters pollination, traders said.
Published 09 Jul, 2004 12:00am
US MIDDAY: soya futures sag on old-crop contracts

US MIDDAY: soya futures sag on old-crop contracts

Chicago Board of Trade soyabean futures fell early Thursday on liquidation of old-crop contracts amid extreme price volatility and on prospects for good US crop development, brokers said.
Published 09 Jul, 2004 12:00am
US MIDDAY: copper slips on fund buying

US MIDDAY: copper slips on fund buying

COMEX copper futures fell early Thursday after a labour strike was averted in Chile, but light fund buying and the dollars weakness lifted the red metal off its lows, traders said.
Published 09 Jul, 2004 12:00am
US MIDDAY: gold and silver surge

US MIDDAY: gold and silver surge

COMEX gold surged to a 12-week high Thursday morning as commodity funds continued to buy amid worries about the dollar and recent data suggesting US economic growth may be coming off the boil.
Published 09 Jul, 2004 12:00am
Rs 90 million plan ready for industrial workers' welfare

Rs 90 million plan ready for industrial workers' welfare

The Ministry of Labour, Manpower and Overseas Pakistanis has initiated a multi-pronged plan costing Rs 90 million for social welfare of industrial workers of the country, disclosed Mrs Razia Zubairi, director general Directorate of Workers Education.
Published 09 Jul, 2004 12:00am
Abbas elected Senate panel chairman

Abbas elected Senate panel chairman

Senator Mohammad Amjad Abbas was unanimously elected the chairman, Senate Standing Committee on food, agriculture and livestock at a meeting of the Committee held in the Parliament House on Thursday.
Published 09 Jul, 2004 12:00am
Profit of HBL: an analysis

Profit of HBL: an analysis

The Habib Bank Ltd has recently released its annual report ( printed edition) for the calendar year 2003.
Published 09 Jul, 2004 12:00am
Prize bonds

Prize bonds

Big advertisements are appearing in the national press luring people to buy prize bonds. For the last two years or so prize bonds have become a national scam involving the Ministry of Finance, State Bank and the CBR.
Published 09 Jul, 2004 12:00am
Exiled politicians

Exiled politicians

To clear the complication in the national consensus I think it is beneficial if all exiled political persons be allowed to return and serve the nation. Nawaz Sharif along with his family members also be allowed to return here, releasing him from his 10 ye
Published 09 Jul, 2004 12:00am